The Aldersgate Group support the Budget announcement for the introduction of a Green Investment Bank.

Peter Young, Chairman of the Aldersgate Group, said: "The new Green Investment Bank is rightly at the heart of the Government's growth and jobs strategy. This will help leverage private sector funds at sufficient scale to deliver a swift and competitive transition to a low carbon economy." "The initial £2 billion of equity is a good start but must be rapidly scaled up over the next Parliament. The total low carbon investment needed by 2020 is at least £250 billion, leading to more secure jobs and a more prosperous future."

Peter Young, Chairman of the Aldersgate Group, is one of the signatories of a letter to the Guardian, today.

The letter calls for the establishment of a green infrastructure bank to support the investments in low carbon infrastructure, low carbon energy and energy efficiency that Britain needs over the next two decades.

Other signatories included Climate Change Capital, Friends of the Earth, Green Alliance, E3G, the New Economics Foundation and Environmental Industries Commission.

Peter Young delivered a keynote speech at the SmartestEnergy annual conference today. He outlined the competitive threat posed by the US in attracting investment for green technologies and argued that environmental issues will not be a key battle ground in the General Election.